According to new data from the Cyprus Land Department, 1,322 sales contracts were concluded in the island state in June 2024, compared to 1,397 in the same month of 2023. This represents a decline of 5 per cent.
Looking at the details, the negative trend in June was recorded in all cities on the island except Larnaca and Nicosia:
- In Limassol, property sales fell by 11 per cent. In this Cypriot city, 394 sales transactions were concluded, compared to 444 in the same month in 2006.
- In Paphos, residential sales fell by 21 per cent to 249 units from 316 units a year earlier.
- In Larnaca, 274 sales contracts were signed compared to 258 in June 2023. There was a 6 per cent increase in sales.
- In Nicosia, 348 units were sold compared to 312 units in June 2023 (+12%).
- In the vacant neighbourhoods of Famagusta, 57 properties were sold compared to 67 units a year earlier. The decrease in sales was 15%.
In turn, between January and June 2024, total residential property sales in Cyprus fell by 2%. A total of 7,553 contracts were signed on the island, compared to 7,689 in the same period last year.
Limassol led the way in terms of transactions over the six-month period. In this city, 2,401 housing units were sold. However, this is 10% less than in the same period last year, when 2,676 properties were sold. Nicosia came second with 1,762 units against 1,416 units (+24%). Larnaca was in third place with 1,576 units compared to 1,451 units a year earlier (+9%). This is followed by Paphos: 1,486 units compared to 1,776 units in the first six months of last year (-16%). And the free neighbourhoods of Famagusta, where 328 units were sold compared to 370 units a year earlier. The decline was -11%.